Search results

Monetary and fiScal Policy aSPectS of indirect tax changeS

NOTE: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Acknowledgements This article was prepared for a special issue of the Journal of Common Market Studies entitled: “Symposium on Economic and Monetary Union and the Crisis of the Euro Area ” to be published in volume 50, number 6. We would like to thank Philippe Moutot, Amy Verdun, Nicola Doyle and two anonymous referees for helpful comments and suggestions. Thanks are also due to Piet Philip Christiansen for research assistance and to Giovanna de Salvo and Silvia Geise for editorial assistance. We remain responsible for any errors or omissions. The views expressed are our own and do not necessarily reflect those of the ECB. The article reflects data and developments up to mid 2012.

publications feature a motif taken from the €5 banknote. NOTE: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Macroprudential Research Network This paper presents research conducted within the Macroprudential Research Network (MaRs). The network is composed of economists from the European System of Central Banks (ESCB), i.e. the national central banks of the 27 European Union (EU) Member States and the European Central Bank. The objective of MaRs is to develop core conceptual frameworks, models and/or tools supporting macro-prudential supervision in the EU. The research is carried out in three work streams: 1) Macro-financial models linking financial stability and the performance of the economy; 2) Early warning systems and systemic risk indicators; 3) Assessing contagion risks.